Fitch Ratings Affirms Coral Springs' AAA Credit Rating
Bond credit rating agency, Fitch Ratings, has affirmed Coral Springs’ AAA credit rating with a stable outlook for the City’s General Obligation Bonds.
The AAA rating is the highest bond rating an organization can earn. According to Fitch, “The ratings reflect the City’s low, long-term liability burden and exceptional financial capacity to address challenges associated with typical cyclical economic fluctuations.”
Fitch praised Coral Springs for its operating performance, stating, “The City’s broad revenue raising and spending control powers established a solid foundation for managing the challenges of a moderate economic downturn.” Adding, “The City will continue to take actions necessary to maintain compliance with formal reserve policies.”
Of the announcement, Mayor Skip Campbell said, “We’re proud to have Fitch Ratings once again offer their research, rating and commentary on the City’s commitment to long-range financial planning. This AAA credit rating confirms our stable financial position, and that has a tremendous fiscal impact for our residents.”
Much like an individual’s credit rating, a bond rating is a measure of an organization’s credit worthiness. AAA bond ratings represent the highest quality investment, with the smallest degree of risk. With Fitch’s AAA rating, the City of Coral Springs has saved, and will continue to save, millions of dollars in interest and credit enhancements such as bond insurance.
“Redevelopment opportunities are the focal point of our efforts to improve the tax base, and certainly had an impact on our rating,” said City Manager Mike Goodrum. Adding, “Rating agencies, like Fitch, take into account all of the economic characteristics of the municipality and the AAA rating is proof of the economic well-being of our City government.”
To learn more about Fitch Ratings, visit www.fitchratings.com
Lynne Martzall Public Information Officer/Writer
Writer who specializes in highlighting issues, solutions and day-to-day operations of city-government.
A 21-year public relations professional, Lynne served as the Public Relations manager for the Broward Sheriff’s Office – the nation’s third largest public safety agency until 2013, where she managed crisis communication, media outreach and the promotion of public safety initiatives . During her tenure she served as the editor for Signal 14 – quarterly full-color magazine for residents and employees.
In 2014, Lynne joined the Coral Springs Police Department serving as the social media coordinator.Read more >>>